Daily Market Update 2/26/13

Mortgage rates inched lower Tuesday reflecting improvement in mortgage-backed securities markets late Monday.  Yesterday, stocks moved sharply lower following election results in Italy that cast doubts on current austerity measures required by the European Union.  In economic news, New Home Sales jumped to 437,000 annual units, far above expectations, to the highest level since July 2008.  Consumer Confidence rose to 69.6, easily beating forecast.  Fed Chairman Ben Bernanke is testifying before Congress this morning regarding current Federal Reserve monetary policy.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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